On Monday 24th February 2020, I attended a talk hosted by Finimize at Rise London in Shoreditch.
This very interesting and wide-ranging conversation focused on the tech takeover including the eventual (?) automation of the delivery of legal services.
The panel was:
Julie Trench, Senior Compliance Associate at Seedrs, the equity crowdfunders
Daniel Burnand, Associate at Bryan Cave Leighton Paisner (BCLP)
Olu Ogunnaike, VP Compliance Advisory Manager at BNY Mellon
Adam Curphey, – Innovation Engagement Manager at Reed Smith
The panel discussed how technology is changing their day to day work and what the future holds. There was also a chat around clients’ attitudes towards embracing these new forms of technology.
The talk started with the expansive question:
‘What drives innovation?’
The answers to this were predictably wide-ranging, but it was agreed that lawyers are now looking for ways to ‘work smart’ in order to get the job done effectively whilst also cutting out any wastage in terms of time costs and effort. It is important that the end advice is the same obviously, but the manner in which it is arrived at is now open to a wider range of technology-assisted methods.
80% of the work that used to be done by lawyers can now be done using technology in a cheaper, quicker manner leaving the remaining 20% of work- the high-value areas for which the clients pay a premium- to be done by the lawyer. This ’80/20 rule’ will be discussed in greater detail in the following blogs but it is a term you should become aware of in the industry as it is being discussed frequently if you do not already know it.
